Business Start Date: 2013
Business Valuation: €2,600,000 EUR (inclusive of €600,000 capital)
Employee Number (Inc. Owners): 12
Business Model: B2B/B2C Cloud Service SaaS
Industry: Mobile Device Management (MDM), Cloud Solutions
Percentage Being Sold: 100%
Sales (TTM): €489,991.00
Net Profit (SDE): €191,237.00
Business Multiple (TTM Revenue): 5.31x
Business Multiple (TTM EBITDA): 13.6x
Paying Clients (TTM): 1100+
Tagline: A low-churn 10+ year old Enterprise MDM software company with a notable client base of 1,100 organizations.

General Highlights

• Competitive Enterprise MDM software, in production for more than 10 years.

• Asking price of €2,600,000 includes €600,000 in capital.

• Client base includes a national educational institution, several banks, and energy enterprises.

• The 13.60x adjusted multiple is supported by stable cash flows and multi-year customer contracts.

Niche

The Company builds Enterprise Mobile Device Management (MDM) software. The platform sits at the intersection of cloud solutions, enterprise mobility, IT security, and software development. The product lets IT teams centrally and remotely manage mobile devices: setup, configuration, app deployment, file transfer, access provisioning, security configuration, and updates.

The Company

The Company is run by its CEO, who handles sales and overall business management. Everyone reports directly to the CEO. The other three owners are active in the business, in technology and product leadership roles.

Customer Base

The product is used by more than 1,100 organizations managing over 220,000 mobile devices. Most of these organizations access the platform as a SaaS service through the Company's largest customer, a national public education body. That deployment alone covers roughly 1,200 public schools and over 200,000 mobile and tablet devices used in primary education.

On a direct billing basis, the Company has roughly 30 customers, most on multi-year contracts. Churn is very low and renewals are the norm, on annual or multi-year terms. Some customers are handled through partners. The base spans banking and finance, public sector, education, energy, FMCG, hospitality, and others.

Representative customer profiles (names withheld until NDA execution):

Customer Profile
National public education body (largest customer, multi-year contract)
Tier-1 regional bank, part of a major international banking group
National energy utility covering electricity generation, distribution, and supply
National ministry within the central government
Government IT agency providing strategic and implementation services
Government agency for high-security printing and identity solutions
Provider of sales, logistics, and financial risk management services
Developer and manufacturer of RFID technology and telemetric systems
International bank, part of a major international banking group
Regional market leader in coffee and tea
Subsidiary of a major European insurance group (via partner)
Specialist in electrical engineering, IT, and security
Regional hospitality group running a coastal hotel chain
Regional advertising company with multi-country presence
Regional advertising company
National state-owned lottery operator (via partner)
Regional leader in power and distribution transformers (via partner)
Leading independent financial advisory group in the region (via partner)
State-owned energy company specializing in LNG infrastructure (via partner)
Regional marina management organization (via partner)

Revenue Sources

Software license sales generate more than 70% of revenue on average. The rest comes from implementation, support, and maintenance services. Recurring revenue has held at around 80% of total over the past two years.

The largest customer, signed in 2019, has driven 72–75% of total sales over the past three years.

Three products are in production today, listed below by maturity and business impact.

Products

Product A — Flagship MDM Platform (€1.9M combined over the last three years; 95% of total revenue)

Product A is the MDM platform and the main revenue source. Version one shipped more than 10 years ago. Customers can run it on-premise (Enterprise) or as a cloud SaaS (Cloud).

• Enterprise: sold to enterprise organizations on a perpetual per-device license. Customers pay a large upfront fee, then annual fees for updates and new features. Most customers choose this option.

• Cloud: sold to MSPs on a per-device subscription. The MSP model is new. One MSP contract is active today, with no meaningful revenue from it yet.

Product B — Digital Certificate Management Tool (€47,000 combined over the past three years)

Product B manages digital certificates and PKI infrastructure. It targets Microsoft PKI (Microsoft AD CS), which is widely used in enterprise environments. Target customers are organizations that issue and manage their own digital certificates through Microsoft's CA service. Product B is sold mainly on a perpetual license, with a subscription option available. Distribution is via downloadable package and the Microsoft Azure Marketplace.

First released in 2017. Currently used by 8 organizations.

Product C — Multi-Factor Authentication Solution (€33,000 combined over the past three years)

Product C is the newest product, built in 2020. It is deployed at two enterprise organizations: a national ministry and a major regional bank. Product C provides Multi-Factor Authentication (MFA) across a wide range of applications, services, and operating systems, and is tightly integrated with Product A.

Financials

Historical revenue and profit (in EUR):

Year	Sales (€)	Profit (€)
2018	122,243	52,264
2019	189,129	81,396
2020	615,558	284,982
2021	588,823	299,645
2022	809,418	268,491
2023	441,543	118,143
2024	650,529	242,645
2025	487,899	213,051

Operations

Backend implementation depends on whether the customer goes on-premise or SaaS. On-premise installs are performed by trained IT staff, who install and integrate the MDM into the customer's environment. Most of the work can be done remotely, with limited on-site help from the customer's IT team.

For SaaS delivery through an MSP partner, the customer hands the MSP a set of integration parameters so the service can connect to their environment.

On the end-user side, activation is minimal and varies by mobile platform.

Team Structure

The organization has three functional teams:

• Development Team: split into server-side and client-side sub-teams, working together on product development. A separate R&D function handles technology research and prototyping.

• Technology Team: customer support, product support, and testing, with responsibility for QA. The team also contributes to product design and system architecture.

• Business, Sales & Management Team: runs business operations, administration, and the planning and execution of sales and marketing.

Roughly 12 staff in total: three in Business / Sales / Management, five in Development, four in Technology.

Current arrangements: vendor contracts for the four owners, four full-time employees, one part-time, one ex-owner on a vendor contract, two juniors on student contracts that will transition to full-time, and a Business Development Manager recently hired on a trial basis.

All four owners are open to staying on post-sale, depending on deal structure, compensation, and what the new owner needs.

Marketing & Growth

Most customers came in through organic sales and referrals. Formal marketing has barely been used, which leaves an obvious lever for future growth.

Expansion opportunities:

• Take the education-vertical playbook into adjacent verticals like tourism and logistics.

• Expand the partner network and grow the list of MSP partners, both at home and abroad.

• Push internationally, starting with European MSPs and then North America.

Partners

Technology partnerships are in place with key players in and around MDM: Apple, Google, Samsung, Microsoft, and Cisco. These partnerships support product development and signal trust in a sensitive category.

They were established roughly ten years ago. That timing gave the Company access to specific and powerful technology models that the platform owners no longer offer to new partners. As the platform owners have rolled out newer, in-house-built models with limited MDM functionality, the Company has kept access to the older, more flexible platforms. The result is more customization and functionality for customers. The advantage should hold for the next several years, until the newer platforms catch up on features.

On the sales side, the Company has several active sales partners in its home market. International market growth remains wide open. Beyond license resale, prospective partners can also earn meaningful services revenue from implementation, integration, and support.

Main Expenses

Personnel is the largest expense: salaries, related taxes, and vendor costs for co-owners working in the Company. Together these account for around 60% of operating expenses. The other 40% covers office, back-end, and infrastructure costs. The owners earn market-rate salaries totaling around €130,000 combined.

Work and Skills Required

Four owners are active in the business. One runs general management and sales. The second handles system architecture and solution design. The third leads technology research and prototyping. The fourth runs server-side operations.

Outside the CEO, the other owners are technologists with strong IT backgrounds and deep domain experience. The new owner can either keep the existing team or move those responsibilities to an in-house team if one already exists.

Ideal Buyer

The ideal buyer is a company with strong international IT sales or an established partner network, looking to expand its enterprise portfolio by taking the Company's products into new markets through existing channels.

A Private Equity fund with IT executives already in place and a partner network capable of rapid scale-up could also find this attractive. The payback period is short, and scale would compress it further.

Post-Sale Support

All four current owners have agreed to stay on after the sale and continue doing the work they do today. Length of involvement is open to negotiation, depending on compensation and the buyer's approach. The team is keen on international expansion and sees itself as ready to help the new owner execute.

Valuation

The €2,600,000 asking price (inclusive of €600,000 in capital) works out to 13.60x on TTM SDE of €191,237 and 5.31x on TTM revenue of €489,991.

The multiple reflects stable revenue, multi-year customer contracts, and a recurring revenue mix that has held at around 80% for the past two years.

SEO Profile

Source: Ahrefs / SEMrush

• Authority Score: 22

• Backlinks: 225

• Referring Domains: 21

Expansion Opportunities for the New Owner

There are several growth opportunities, near and longer term. Marketing investment has been limited, so the most immediate one is replicating the education-vertical win in other verticals. Management is particularly interested in tourism and logistics, where existing customer wins and large addressable markets make a strong case.

The next layer is continuing to grow the partner network and the MSP partner list, both at home and abroad.

The biggest opportunity is international rollout. With product development complete and the platform ready to scale, management sees European MSP partnerships first, then North American, as the obvious next move. A new owner with the operational chops to accelerate that expansion stands to gain the most.

Barriers to Entry

Building a comparable MDM product needs significant IT capability and specialist expertise across mobile platforms. Reaching the Company's level of maturity would take years and meaningful investment.

On top of that, certain technologies the Company's product relies on are no longer available to new MDM vendors from the mobile platform providers. For example, Google no longer accepts new registrations for custom DPC apps. A new entrant would have to build against Google's newer model, which is earlier in development and unlikely to reach functional parity with the Company's current capabilities for at least another two to three years. That timing depends on Google's roadmap.

Trust is the other major factor. Winning an enterprise contract typically takes months, sometimes years. The enterprise is granting access to its mobile devices, a critical and sensitive piece of infrastructure. The Company has earned that trust from major banks, government agencies, and large corporations over a 10-year stretch. That client list would be very hard to replicate.

Major competitors like Microsoft, IBM, VMware, and Citrix could pose a threat, but historically they have not displaced the Company. Customers often need customization and configuration tailored to their specific needs. The Company can deliver those customizations because it owns the product end to end. For larger players, per-client customization is usually cost-prohibitive.

Reason for Sale

There is no urgent reason to sell. A sale at this stage would be a catalyst for the next phase. The current ownership group has built a solid product and worked through the early stages of the business. They have proven the business model, hit product-market fit with local customers, and reached local market leadership.

Getting to the next level requires international growth. A buyer with international scaling experience is best placed to take that on, which makes now a sensible time for a change in ownership.

Miscellaneous Details

Share ownership: 33%, 30%, 19%, and 16%, with the remaining balance held by the Company and reserved for future partners.

Assets Included in the Sale

• Product IP and full technology stack

• Domains

• Website and all content

• Existing and future customer base

• Customer contracts

• Hosting accounts and servers

• Social media accounts

• Employment and vendor contracts

• Future sales

• Partner contracts

• Miscellaneous accounts

• €600,000 in capital (included within the asking price)

Next Steps

Qualified parties are welcome to contact the FIH.com Sell-Side Representative for more detail. The full Confidential Information Memorandum (including company name, customer roster, product names, and team biographies) is released once an NDA is in place.